Exxon to buy Denbury in $4.9 bln deal (updated)
13/07/2023 13:10
(Adds details in paragraph 2 and 3)
July 13 (Reuters) - Exxon Mobil Corp XOM.N said on
Thursday it would buy Denbury Inc DEN.N in an all-stock
transaction valued at $4.9 billion, giving the oil major access
to the largest carbon dioxide pipeline network in the United
States.
Plano, Texas-based Denbury specializes in using carbon
dioxide to extract oil from old wells and thus is seen as an
attractive asset for oil majors and other large-cap energy
companies that are starting to make bigger bets on the
environmental, social and corporate governance (ESG) strategy.
Under the terms of the deal, Denbury shareholders will get
0.84 Exxon shares for each Denbury share they hold.
(Reporting by Arunima Kumar in Bengaluru; Editing by Savio
D'Souza)
((Arunima.Kumar@thomsonreuters.com; Twitter: https://twitter.com/Aru_Kumar94
;))